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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Vroom Inc | NASDAQ:VRM | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.92 | -6.91% | 12.40 | 12.61 | 90.00 | 13.6217 | 12.35 | 13.52 | 29,223 | 05:00:08 |
Substantial Progress on Value Maximization Plan
Vroom, Inc. (Nasdaq:VRM) today announced financial results for the fourth quarter and fiscal year ended December 31, 2023.
HIGHLIGHTS OF FOURTH QUARTER AND FULL YEAR 2023
CURRENT PROGRESS ON VALUE MAXIMIZATION PLAN
Tom Shortt, the Company’s Chief Executive Officer, said “As we previously announced, in January 2024 Vroom’s Board of Directors approved a Value Maximization Plan pursuant to which the Company has discontinued its ecommerce operations and is winding down its used vehicle dealership business. I am incredibly proud of the commitment and professionalism demonstrated by our team as they execute an orderly wind down of our ecommerce operations with a focus on timeliness and cost effectiveness. We anticipate that the wind-down will be substantially complete by the end of the month and look forward to working to maximize stakeholder value through our remaining businesses, United Auto Credit and CarStory.”
(1) While the Value Maximization Plan was approved in January 2024, we determined a triggering event existed as of December 31, 2023 related to our long lived assets, which led to additional write-downs of inventory in the fourth quarter of 2023.
FOURTH QUARTER 2023 FINANCIAL DISCUSSION
All financial comparisons are on a year-over-year basis unless otherwise noted.
Ecommerce Results
Three Months Ended December 31,
Year Ended December 31,
2023
2022
Change
% Change
2023
2022
Change
% Change
(in thousands, except unit data and average days to sale)
(in thousands, except unit data and average days to sale)
Ecommerce units sold
4,780
4,144
636
15.3
%
17,401
39,278
(21,877
)
(55.7
)%
Ecommerce revenue:
Vehicle revenue
$
136,360
$
131,069
$
5,291
4.0
%
$
523,945
$
1,304,797
$
(780,852
)
(59.8
)%
Product revenue
16,101
10,689
5,412
50.6
%
52,225
59,398
(7,173
)
(12.1
)%
Total ecommerce revenue
$
152,461
$
141,758
$
10,703
7.6
%
$
576,170
$
1,364,195
$
(788,025
)
(57.8
)%
Ecommerce gross profit:
Vehicle gross profit
$
7,387
$
(5,579
)
$
12,966
232.4
%
$
10,343
$
40,575
$
(30,232
)
(74.5
)%
Product gross profit
15,281
10,689
4,592
43.0
%
48,888
59,398
(10,510
)
(17.7
)%
Total ecommerce gross profit
$
22,668
$
5,110
$
17,558
343.6
%
$
59,231
$
99,973
$
(40,742
)
(40.8
)%
Average vehicle selling price per ecommerce unit
$
28,527
$
31,629
$
(3,102
)
(9.8
)%
$
30,110
$
33,220
$
(3,110
)
(9.4
)%
Product revenue per ecommerce unit
3,368
2,579
789
30.6
%
3,001
1,512
1,489
98.5
%
Gross profit per ecommerce unit:
Vehicle gross profit per ecommerce unit
$
1,545
$
(1,346
)
$
2,891
214.8
%
$
594
$
1,033
$
(439
)
(42.5
)%
Product gross profit per ecommerce unit
3,197
2,579
618
24.0
%
2,809
1,512
1,297
85.8
%
Total gross profit per ecommerce unit
$
4,742
$
1,233
$
3,509
284.6
%
$
3,403
$
2,545
$
858
33.7
%
Ecommerce average days to sale
135
244
(109
)
(44.7
)%
217
131
86
65.6
%
Results by Segment
Three Months Ended December 31,
Year Ended December 31,
2023
2022
Change
% Change
2023
2022
Change
% Change
(in thousands, except unit data)
(in thousands, except unit data)
Units:
Ecommerce
4,780
4,144
636
15.3
%
17,401
39,278
(21,877
)
(55.7
)%
Wholesale
1,821
1,768
53
3.0
%
7,094
20,876
(13,782
)
(66.0
)%
All Other (1)
337
350
(13
)
(3.7
)%
1,359
3,758
(2,399
)
(63.8
)%
Total units
6,938
6,262
676
10.8
%
25,854
63,912
(38,058
)
(59.5
)%
Revenue:
Ecommerce
$
152,461
$
141,758
$
10,703
7.6
%
$
576,170
$
1,364,195
$
(788,025
)
(57.8
)%
Wholesale
28,526
23,039
5,487
23.8
%
104,119
293,528
(189,409
)
(64.5
)%
Retail Financing (2)
41,999
32,537
9,462
29.1
%
156,938
152,542
4,396
2.9
%
All Other (3)
12,938
12,015
923
7.7
%
55,976
138,636
(82,660
)
(59.6
)%
Total revenue
$
235,924
$
209,349
$
26,575
12.7
%
$
893,203
$
1,948,901
$
(1,055,698
)
(54.2
)%
Gross profit (loss):
Ecommerce
$
22,668
$
5,110
$
17,558
343.6
%
$
59,231
$
99,973
$
(40,742
)
(40.8
)%
Wholesale
(28,927
)
(4,359
)
(24,568
)
563.6
%
(34,353
)
(10,620
)
(23,733
)
223.5
%
Retail Financing (2)
33,427
28,744
4,683
16.3
%
125,610
138,381
(12,771
)
(9.2
)%
All Other (3)
1,879
(36
)
1,915
5,319.4
%
11,459
17,053
(5,594
)
(32.8
)%
Total gross profit
$
29,047
$
29,459
$
(412
)
(1.4
)%
$
161,947
$
244,787
$
(82,840
)
(33.8
)%
Gross profit (loss) per unit (4):
Ecommerce
$
4,742
$
1,233
$
3,509
284.6
%
$
3,403
$
2,545
$
858
33.7
%
Wholesale
$
(15,885
)
$
(2,465
)
$
(13,420
)
544.4
%
$
(4,843
)
$
(509
)
$
(4,334
)
851.5
%
(1)All Other units consist of retail sales of used vehicles from TDA.
(2)The Retail Financing segment represents UACC’s operations with its network of third-party dealership customers as of the closing of the UACC acquisition in February 2022.
(3)All Other revenues and gross profit consist of retail sales of used vehicles from TDA and fees earned on sales of value-added products associated with those vehicles sales and the CarStory business.
(4)Gross profit per unit metrics exclude the Retail Financing gross profit and All Other gross profit.
SG&A
Three Months Ended December 31,
Year Ended December 31,
2023
2022
Change
% Change
2023
2022
Change
% Change
(in thousands)
(in thousands)
Compensation & benefits
$
35,738
$
52,043
$
(16,305
)
(31.3
)%
$
166,056
$
251,153
$
(85,097
)
(33.9
)%
Marketing expense
8,570
9,852
(1,282
)
(13.0
)%
48,440
79,670
(31,230
)
(39.2
)%
Outbound logistics
2,215
(902
)
3,117
345.6
%
8,466
39,023
(30,557
)
(78.3
)%
Occupancy and related costs
4,410
5,955
(1,545
)
(25.9
)%
18,010
23,363
(5,353
)
(22.9
)%
Professional fees
4,625
6,870
(2,245
)
(32.7
)%
20,129
33,455
(13,326
)
(39.8
)%
Software and IT costs
8,912
11,164
(2,252
)
(20.2
)%
36,466
44,570
(8,104
)
(18.2
)%
Other
13,109
5,778
7,331
126.9
%
43,090
95,153
(52,063
)
(54.7
)%
Total selling, general & administrative expenses
$
77,579
$
90,760
$
(13,181
)
(14.5
)%
$
340,657
$
566,387
$
(225,730
)
(39.9
)%
Non-GAAP Financial Measures
In addition to our results determined in accordance with U.S. GAAP, we believe the following non-GAAP financial measures are useful in evaluating our operating performance:
These non-GAAP financial measures have limitations as analytical tools in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with U.S. GAAP. Because of these limitations, these non-GAAP financial measures should be considered along with other operating and financial performance measures presented in accordance with U.S. GAAP. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with U.S. GAAP. We have reconciled all non-GAAP financial measures with the most directly comparable U.S. GAAP financial measures.
EBITDA, Adjusted EBITDA, Adjusted EBITDA excluding non-recurring costs to address operational and customer experience issues, Adjusted EBITDA excluding securitization gain, and Adjusted EBITDA excluding securitization gain and non-recurring costs to address operational and customer experience issues are supplemental performance measures that our management uses to assess our operating performance and the operating leverage in our business. Because each of these non-GAAP financial measures facilitate internal comparisons of our historical operating performance on a more consistent basis, we use these measures for business planning purposes.
EBITDA
We calculate EBITDA as net loss before interest expense, interest income, income tax expense and depreciation and amortization expense.
Adjusted EBITDA
We calculate Adjusted EBITDA as EBITDA adjusted to exclude severance costs, gain on debt extinguishment, severe weather-related costs, long-lived asset impairment charges, goodwill impairment charge, realignment costs, acquisition related costs, and the acceleration of non-cash stock-based compensation. Changes in fair value of financial instruments can fluctuate significantly from period to period and previously related primarily to historical finance receivables and debt which have been securitized, and acquired on February 1, 2022 from UACC. As a result of current market conditions, the financial instruments related to the 2022-2 and 2023-1 securitization transactions are recognized on balance-sheet and accounted for under the fair value option. See Note 17 — Financial Instruments and Fair Value Measurements to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023. As a result, the majority of our finance receivables are now carried at fair value and a significant portion of the risk of loss associated with these finance receivables have been retained by UACC. We therefore have determined we will no longer make any adjustments for such fluctuations in fair value to our Adjusted EBITDA results. We have recast the prior period presented to conform to current period presentation. We may account for future securitizations as on balance sheet transactions depending on the market conditions.
Adjusted EBITDA excluding non-recurring costs to address operational and customer experience issues
We calculate Adjusted EBITDA excluding non-recurring costs to address operational and customer experience issues as Adjusted EBITDA adjusted to exclude the non-recurring costs incurred to address operational and customer experience issues, including rental cars for our customers and legal settlements with customers and state DMVs.
Adjusted EBITDA excluding securitization gain
We calculate Adjusted EBITDA excluding securitization gain as Adjusted EBITDA adjusted to exclude the securitization gain from the sale of UACC's finance receivables, and believe that it provides a useful perspective on the underlying operating results and trends and a means to compare our period-over-period results.
Adjusted EBITDA excluding securitization gain and non-recurring costs to address operational and customer experience issues
We calculate Adjusted EBITDA excluding securitization gain and non-recurring costs to address operational and customer experience issues as Adjusted EBITDA adjusted to exclude the securitization gain from the sale of UACC’s finance receivables and the non-recurring costs incurred to address operational and customer experience issues.
The following table presents a reconciliation of the foregoing non-GAAP financial measures to net loss, which is the most directly comparable U.S. GAAP measure:
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
(in thousands)
(in thousands)
Net loss
$
(141,321
)
$
24,765
$
(365,540
)
$
(451,910
)
Adjusted to exclude the following:
Interest expense
14,530
12,076
45,445
40,693
Interest income
(4,789
)
(6,372
)
(21,158
)
(19,363
)
Provision (benefit) for income taxes
(303
)
2,405
615
(19,680
)
Depreciation and amortization
11,055
10,702
43,476
38,707
EBITDA
$
(120,828
)
$
43,576
$
(297,162
)
$
(411,553
)
Severance costs
$
48
$
—
$
6,703
$
—
Gain on debt extinguishment
(18,238
)
(126,767
)
(37,878
)
(164,684
)
Hail storm costs
—
—
2,353
—
Long-lived asset impairment charges
47,396
3,679
48,748
5,806
Goodwill impairment charge
—
—
—
201,703
Realignment costs
—
2,253
—
15,025
Acquisition related costs
—
—
—
5,653
Acceleration of non-cash stock-based compensation
—
2,439
—
2,439
Adjusted EBITDA
$
(91,622
)
$
(74,820
)
$
(277,236
)
$
(345,611
)
Non-recurring costs to address operational and customer experience issues
3,247
374
4,065
25,433
Adjusted EBITDA excluding non-recurring costs to address operational and customer experience issues
$
(88,375
)
$
(74,446
)
$
(273,171
)
$
(320,178
)
Securitization gain
—
—
—
(45,589
)
Adjusted EBITDA excluding securitization gain
$
(91,622
)
$
(74,820
)
$
(277,236
)
$
(391,200
)
Adjusted EBITDA excluding securitization gain and non-recurring costs to address operational and customer experience issues
$
(88,375
)
$
(74,446
)
$
(273,171
)
$
(365,767
)
FOURTH QUARTER 2023 AS COMPARED TO THIRD QUARTER 2023
Three Months Ended December 31,
Three Months Ended September 30,
2023
2023
Change
% Change
(in thousands, except unit data)
Total revenues
$
235,924
$
235,634
$
290
0.1
%
Total gross profit
$
29,047
$
48,094
$
(19,047
)
(39.6
)%
Ecommerce units sold
4,780
4,561
219
4.8
%
Ecommerce revenue
$
152,461
$
149,851
$
2,610
1.7
%
Ecommerce gross profit
$
22,668
$
14,339
$
8,329
58.1
%
Vehicle gross profit (loss) per ecommerce unit
$
1,545
$
516
$
1,029
199.4
%
Product gross profit per ecommerce unit
3,197
2,628
569
21.7
%
Total gross profit per ecommerce unit
$
4,742
$
3,144
$
1,598
50.8
%
Wholesale units sold
1,821
2,270
(449
)
(19.8
)%
Wholesale revenue
$
28,526
$
30,898
$
(2,372
)
(7.7
)%
Wholesale gross (loss) profit
$
(28,927
)
$
(1,495
)
$
(27,432
)
1,834.9
%
Wholesale gross (loss) profit per unit
$
(15,885
)
$
(659
)
$
(15,226
)
2,310.5
%
Retail Financing revenue
$
41,999
$
40,823
$
1,176
2.9
%
Retail Financing gross profit
$
33,427
$
32,341
$
1,086
3.4
%
Total selling, general, and administrative expenses
$
77,579
$
79,586
$
(2,007
)
(2.5
)%
Three Months Ended December 31,
Three Months Ended September 30,
2023
2023
Change
% Change
(in thousands)
Net loss
$
(141,321
)
$
(82,857
)
$
(58,464
)
70.6
%
Adjusted to exclude the following:
Interest expense
14,530
12,058
2,472
20.5
%
Interest income
(4,789
)
(5,506
)
717
13.0
%
Provision for income taxes
(303
)
260
(563
)
(216.5
)%
Depreciation and amortization
11,055
11,248
(193
)
(1.7
)%
EBITDA
$
(120,828
)
$
(64,797
)
$
(56,031
)
86.5
%
Severance costs
$
48
$
274
$
(226
)
(82.4
)%
Gain on debt extinguishment
(18,238
)
—
(18,238
)
(100.0
)%
Long-lived asset impairment charges
47,396
—
47,396
100.0
%
Adjusted EBITDA
$
(91,622
)
$
(64,523
)
$
(27,099
)
42.0
%
Non-recurring costs to address operational and customer experience issues
3,247
32
3,215
10,047.2
%
Adjusted EBITDA excluding non-recurring costs to address operational and customer experience issues
$
(88,375
)
$
(64,491
)
$
(23,884
)
(37.0
)%
Securitization gain
—
—
—
0.0
%
Adjusted EBITDA excluding securitization gain
$
(91,622
)
$
(64,523
)
$
(27,099
)
42.0
%
Adjusted EBITDA excluding securitization gain and non-recurring costs to address operational and customer experience issues
$
(88,375
)
$
(64,491
)
$
(23,884
)
37.0
%
Liquidity Outlook
We expect year-end 2024 cash and cash equivalents in the range of $35.0 to $65.0 million.
The foregoing estimate is a forward-looking statement that reflects the Company’s expectation as of March 13, 2024 and is subject to substantial uncertainty. See “Forward-Looking Statements” below.
About Vroom (Nasdaq: VRM)
Vroom owns and operates United Auto Credit Corporation (UACC), a leading indirect automotive lender serving the independent and franchise dealer market nationwide, and CarStory, a leader in AI-powered analytics and digital services for automotive retail. During fiscal 2023, Vroom also operated an end-to-end ecommerce platform to buy and sell used vehicles. Pursuant to its previously announced Value Maximization Plan, Vroom discontinued its ecommerce operations and is winding down its used vehicle dealership business.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding the potential impacts of the execution of and the expected benefits and cost-savings, if any, from our Value Maximization Plan, any anticipated costs and charges related to the Value Maximization Plan and the anticipated timeline of such costs, charges, implementation or completion of the Value Maximization Plan, our expectations regarding United Auto Credit Corporation and CarStory; our ability to successfully wind down and halt our ecommerce operations, and future results of operations and financial position, including our liquidity outlook for 2024. These statements are based on management’s current assumptions and are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. For factors that could cause actual results to differ materially from the forward-looking statements in this press release, please see the risks and uncertainties identified under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023, which is available on our Investor Relations website at ir.vroom.com and on the SEC website at www.sec.gov. All forward-looking statements reflect our beliefs and assumptions only as of the date of this press release. We undertake no obligation to update forward-looking statements to reflect future events or circumstances.
VROOM, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(unaudited)
As of December 31,
2023
2022
ASSETS
Current Assets:
Cash and cash equivalents
$
135,585
$
398,915
Restricted cash (including restricted cash of consolidated VIEs of $49.1 million and $24.7 million, respectively)
73,234
73,095
Accounts receivable, net of allowance of $11.2 million and $21.5 million, respectively
9,139
13,967
Finance receivables at fair value (including finance receivables of consolidated VIEs of $11.8 million and $11.5 million, respectively)
12,501
12,939
Finance receivables held for sale, net (including finance receivables of consolidated VIEs of $457.2 million and $305.9 million, respectively)
503,546
321,626
Inventory
163,250
320,648
Beneficial interests in securitizations
4,485
20,592
Prepaid expenses and other current assets (including other current assets of consolidated VIEs of $25.2 million and $11.7 million, respectively)
50,899
58,327
Total current assets
952,639
1,220,109
Finance receivables at fair value (including finance receivables of consolidated VIEs of $329.6 million and $119.6 million, respectively)
336,169
140,235
Property and equipment, net
24,132
50,201
Intangible assets, net
131,892
158,910
Operating lease right-of-use assets
7,063
23,568
Other assets (including other assets of consolidated VIEs of $1.8 million and $0 million, respectively)
23,527
26,004
Total assets
$
1,475,422
$
1,619,027
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable
$
26,762
$
34,702
Accrued expenses (including accrued expenses of consolidated VIEs of $4.0 million and $1.5 million, respectively)
52,452
76,795
Vehicle floorplan
151,178
276,988
Warehouse credit facilities of consolidated VIEs
421,268
229,518
Current portion of long-term debt (including current portion of securitization debt of consolidated VIEs at fair value of $163.5 million and $47.2 million, respectively)
172,410
47,239
Deferred revenue
14,025
10,655
Operating lease liabilities, current
8,737
9,730
Other current liabilities
9,974
17,693
Total current liabilities
856,806
703,320
Long-term debt, net of current portion (including securitization debt of consolidated VIEs of $150.6 million and $32.6 million at fair value, respectively)
454,173
402,154
Operating lease liabilities, excluding current portion
25,183
20,129
Other long-term liabilities (including other long-term liabilities of consolidated VIEs of $10.4 million and $7.4 million, respectively)
17,109
18,183
Total liabilities
1,353,271
1,143,786
Commitments and contingencies (Note 14)
Stockholders’ equity:
Common stock, $0.001 par value; 500,000,000 shares authorized as of December 31, 2023 and 2022; 1,791,286 and 1,727,525 shares issued and outstanding as of December 31, 2023 and 2022, respectively
2
2
Additional paid-in-capital
2,088,381
2,075,931
Accumulated deficit
(1,966,232
)
(1,600,692
)
Total stockholders’ equity
122,151
475,241
Total liabilities and stockholders’ equity
$
1,475,422
$
1,619,027
VROOM, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
(unaudited)
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
Revenue:
Retail vehicle, net
$
146,424
$
142,579
$
565,972
$
1,425,842
Wholesale vehicle
28,526
23,039
104,119
293,528
Product, net
15,754
10,793
52,253
62,747
Finance
41,999
32,537
156,938
152,542
Other
3,221
401
13,921
14,242
Total revenue
235,924
209,349
893,203
1,948,901
Cost of sales:
Retail vehicle
138,648
147,867
553,565
1,382,005
Wholesale vehicle
57,453
27,399
138,472
304,148
Product
819
—
3,337
—
Finance
8,573
3,793
31,328
14,161
Other
1,384
831
4,554
3,800
Total cost of sales
206,877
179,890
731,256
1,704,114
Total gross profit
29,047
29,459
161,947
244,787
Selling, general and administrative expenses
77,579
90,760
340,657
566,387
Depreciation and amortization
10,924
10,562
42,769
38,290
Impairment charges
47,395
5,746
48,748
211,873
Loss from operations
(106,851
)
(77,609
)
(270,227
)
(571,763
)
Gain on debt extinguishment
(18,238
)
(126,767
)
(37,878
)
(164,684
)
Interest expense
14,530
12,076
45,445
40,693
Interest income
(4,789
)
(6,372
)
(21,158
)
(19,363
)
Other loss, net
43,270
16,284
108,289
43,181
(Loss) income before provision for income taxes
(141,624
)
27,170
(364,925
)
(471,590
)
(Benefit) provision for income taxes
(303
)
2,405
615
(19,680
)
Net (loss) income
$
(141,321
)
$
24,765
$
(365,540
)
$
(451,910
)
Net (loss) income per share attributable to common stockholders, basic
$
(80.51
)
$
14.34
$
(209.70
)
$
(262.15
)
Weighted-average number of shares outstanding used to compute net (loss) income per share attributable to common stockholders, basic
1,755,387
1,727,203
1,743,128
1,723,843
Net (loss) income per share attributable to common stockholders, diluted
$
(80.51
)
$
13.52
$
(209.70
)
$
(262.15
)
Weighted-average number of shares outstanding used to compute net (loss) income per share attributable to common stockholders, diluted
1,755,387
1,832,223
1,743,128
1,723,843
VROOM, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Year Ended December 31,
2023
2022
Operating activities
Net loss
$
(365,540
)
$
(451,910
)
Adjustments to reconcile net loss to net cash used in operating activities:
Impairment charges
48,748
211,873
Gain on debt extinguishment
(37,878
)
(164,684
)
Depreciation and amortization
43,476
38,707
Amortization of debt issuance costs
4,598
4,809
Realized gains on securitization transactions
—
(45,589
)
Deferred taxes
—
(23,855
)
Losses on finance receivables and securitization debt, net
114,702
66,839
Stock-based compensation expense
10,051
11,957
Provision to record inventory at lower of cost or net realizable value
(2,360
)
1,812
Provision for bad debt
4,074
13,406
Provision to record finance receivables held for sale at lower of cost or fair value
20,566
6,541
Amortization of unearned discounts on finance receivables at fair value
(25,954
)
(14,593
)
Other, net
(17,393
)
(7,512
)
Changes in operating assets and liabilities:
Finance receivables, held for sale
Originations of finance receivables held for sale
(582,170
)
(625,575
)
Principal payments received on finance receivables held for sale
105,858
64,521
Proceeds from sale of finance receivables held for sale, net
—
509,612
Other
(1,606
)
(7,701
)
Accounts receivable
754
78,060
Inventory
159,758
403,924
Prepaid expenses and other current assets
22,711
4,146
Other assets
3,266
(2,546
)
Accounts payable
(7,940
)
(24,281
)
Accrued expenses
(24,766
)
(53,553
)
Deferred revenue
3,370
(65,148
)
Other liabilities
(10,009
)
(38,325
)
Net cash used in operating activities
(533,684
)
(109,065
)
Investing activities
Finance receivables at fair value
Purchases of finance receivables at fair value
(3,392
)
(56,484
)
Principal payments received on finance receivables at fair value
174,748
132,391
Proceeds from sale of finance receivables at fair value, net
—
43,262
Consolidation of VIEs
11,409
—
Principal payments received on beneficial interests
5,193
8,341
Purchase of property and equipment
(14,805
)
(24,234
)
Acquisition of business, net of cash acquired of $47.9 million
—
(267,488
)
Net cash provided by (used in) investing activities
173,153
(164,212
)
Financing activities
Proceeds from the issuance of common stock in at-the-market offering, net of offering costs
2,399
—
Proceeds from borrowings under secured financing agreements
261,991
—
Principal repayment under secured financing agreements
(208,476
)
(192,839
)
Proceeds from financing of beneficial interests in securitizations
24,506
—
Principal repayments of financing of beneficial interests in securitizations
(8,698
)
—
Proceeds from vehicle floorplan
559,331
1,403,042
Repayments of vehicle floorplan
(685,141
)
(1,638,855
)
Proceeds from warehouse credit facilities
480,100
520,800
Repayments of warehouse credit facilities
(290,483
)
(467,216
)
Repurchases of convertible senior notes
(36,536
)
(90,208
)
Other financing activities
(1,653
)
(4,212
)
Net cash provided by (used in) financing activities
97,340
(469,488
)
Net (decrease) increase in cash, cash equivalents and restricted cash
(263,191
)
(742,765
)
Cash, cash equivalents and restricted cash at the beginning of period
472,010
1,214,775
Cash, cash equivalents and restricted cash at the end of period
$
208,819
$
472,010
VROOM, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(in thousands)
(unaudited)
Supplemental disclosure of cash flow information:
Cash paid for interest
$
59,351
$
34,907
Cash paid for income taxes
$
5,363
$
2,409
Supplemental disclosure of non-cash investing and financing activities:
Finance receivables from consolidation of 2022-2 securitization transaction
$
180,706
$
—
Elimination of beneficial interest from the consolidation of 2022-2 securitization transaction
$
9,811
$
—
Securitization debt from consolidation of 2022-2 securitization transaction
$
186,386
$
—
Reclassification of finance receivables held for sale to finance receivables at fair value, net
$
248,081
$
—
Fair value of beneficial interests received in securitization transactions
$
—
$
30,082
View source version on businesswire.com: https://www.businesswire.com/news/home/20240313922393/en/
Investor Relations:
Vroom Jon Sandison investors@vroom.com
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